Yorkshire industrial estate sold for £2.61m

A MULTI-let industrial and trade counter estate in Leeds has changed hands for £2.61m.

DTZ’s investment agency acted on behalf of CBRE Global Investors to complete the freehold sale of Vantage Point to a private client represented by Savills.

The purchase price reflects a net initial yield of 10.4%.

Part of Howley Park Industrial Estate, Vantage Point comprises 62,320 sq ft across 11 units and is located adjacent to the M62.

The estate is currently let to seven tenants on eight leases with 73% of the income secured against ASDA Stores. Passing rent totals £287,923 with average unexpired lease term of four years.

DTZ’s Industrial agency is the letting agent at Vantage Point completing lettings to Impellico Services Ltd and Lokring Northern prior to the sale.

Richard Brooke, surveyor in DTZ’s Investment agency team in Leeds, said: “We are pleased to have completed the sale of Vantage Point. The estate delivers an attractive yield and presents further asset management opportunities for the purchaser to improve income and add value.”

Mark Wilson, associate director at Savills, added: “Vantage Point presented an opportunity for our client to acquire a robust multi-let industrial estate that combines the security of existing leases to leading national occupiers with the opportunity for asset management.”